Divorce is bad news for several reasons. Besides a devastating emotional blow, it can take a bite out of your finances. A marriage involves two legal entities becoming one and this carries on over to financial assets. When a divorce happens, it can be difficult to separate those two legal entities without some hurt. To ensure that you can at least minimize the damage, here are a few tips on what you can do.
Always Consult With the Professionals
When you need to do something that involves your divorce, there is always a simple rule: ask your lawyer. If you don’t have one, hire a divorce attorney from Suffolk county or nearby areas immediately. Divorces are a legal land minefield and you want someone to guide you through the mess.
It is not only a lawyer you need to hire. It is also a good idea to hire an accountant. This is because they can help total up your assets. This is essential because, depending on the divorce law in the state and any existing pre-nuptial agreements, your assets will be on the line when it comes to dividing things up.
Start Planning
If you were not the financial planner in your marriage, then you might be in trouble. This is why it is a good idea to start some planning. Ask yourself the necessary questions: What will be my source of income after the divorce? How much will I be earning? What expenses will I have to pay?
Budgeting for your post-divorce life needs to start now. Keep in mind that you will still have to pay your lawyer fees. Plus, you might not have the same resources as before the divorce. If you were the bigger earner before the divorce, you might also be on the hook for spousal support and child support.
Look at Your Liabilities
If you and your soon-to-be-ex took out any loans during your marriage, you might end up paying them. Get a credit report and present it to your lawyer. You will need their help to clear up payments on joint debts. Plus, your ex might end up saddling you with debts that they were responsible for. Ensuring that you don’t end up paying for these can ensure your financial health after a divorce.
Work Out a Payment Plan
Good divorce lawyers are expensive. They are often worth it, but the fees can be a killer on a post-divorce budget. This is why you will want to arrange a good payment plan with your lawyer. Many lawyers are understanding though. Most of them are willing to work out a deal that will allow for payment spread out across months or even years.
Child Support is Important
If you got custody of any children, then getting proper child support is important. Fight for appropriate funds so that you can take care of your children properly. But remember that your partner might have limited funds, too. Proper budgeting can help bridge the gap so that your child does not have to suffer from divorce.
Divorces can do a number on your financial health. The fees to your lawyer alone can be pretty high. The tips above can be a big help though. Don’t expect to come out unscathed from the battle but you can be sure to minimize the damage to your finances.